MUMBAI, Aug 12: Commercial banks -- domestic and foreign -- and financial institutions have filed suits against defaulting borrowers for recovery of funds amounting to Rs 7,138.69 crore as on March 31, 1996.

While domestic banks alone have filed suits for recovering Rs 6,638.94 crore, financial institutions have filed suits aggregating Rs 360.27 crore. Foreign banks have filed suits amounting to Rs 139.48 crore.

Among the foreign banks, Oman International Bank has filed suits against its borrowers for Rs 31.05 crore, the highest in the segment. The bank's exposure has been chiefly to small business houses. The Bank of Tokyo-Mitsubishi has filed suits amounting to Rs 16.90 crore against its borrowers. ANZ Grindlays Bank and HongkongBank have filed suits for Rs 27.22 crore and Rs 23.11 crore.

Industrial Credit and Investment Corporation of India (ICICI) has filed suits against 71 borrowers amounting to Rs 161.31 crore, the highest among the financial institutions. Kalyan Keonics has defaulted on payment of Rs 6.51 crore to the financial institution.

Industrial Development Bank of India (IDBI) has, however, filed suits against only 10 of its borrowers amounting to Rs 91.49 crore, while the Industrial Finance Corporation of India (IFCI) has filed suits against 47 of its borrowers amounting to Rs 107.47 crore. While IFCI's biggest defaulter is Kesar Petro Products (Rs 6.97 crore), IDBI's biggest defaulter is MS Shoes East Ltd (Rs 63.91 crore).

Harshad S Mehta tops the list of defaulters to commercial banks. State Bank of India has filed a suit against him for recovery of Rs 812.08 crore.The bank has filed suits against its borrowers amounting to Rs 1,771.05 crore. The bank's claim against Harshad Mehta alone acounts for over 45 per cent.

Punjab National Bank has filed suits amounting to Rs 786.30 crore against its borrowers for recovery of funds. Of the bank's defaulters, Modi Carpets alone owes the bank Rs 91.74 crore. The bank has also filed a suit against Modi Industries for recovery of Rs 36.63 crore. Punjab National Bank has filed suits against 139 borrowers. Other defaulters of the bank include BST Manufacturing Ltd (Rs 91.05 crore) and Pure Drinks (ND) Ltd (Rs 15.39 crore).

Other banks which have filed suits involving huge amounts include Bank of India (Rs 476.83 crore), Uco Bank (Rs 393.74 crore), United Bank of India (Rs 332.06 crore) and Bank of Baroda (Rs 331.56 crore). The Corporation Bank has also filed suits against its borrowers for recovery of Rs 22.53 crore.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.